Student Loan Tips
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If you decide to borrow, here are some points to remember:
- If you drop below half-time during a term in which you are receiving a student loan, all subsequent disbursements may be canceled.
- Be an informed borrower. Review loan deferment provisions, repayment terms, and refinancing and consolidation options before your loan repayment begins.
- Keep records on all your loans, keep them up-to-date and keep them together in one place.
- Keep your lender informed of your current address, any name changes, any changes in your repayment status and any problems you may have with loan repayment.
- Retain the Notice of Loan Guarantee; it details the interest rate, the type of loan you have, total amount borrowed (provided that all loans have been processed through the same guarantee agency) and your projected monthly payment.
